The City of Philadelphia is the largest city in Pennsylvania and the sixth most populous city in the United States. According to the United States Census Bureau, Philadelphia has a total area of 142.6 square miles, of which 135.1 square miles is land and 7.6 square miles is water. The area is bounded by the Delaware River on the eastern periphery and the Schuylkill River on the western periphery.
The city is the seat of its own county (Philadelphia County). The adjacent counties are Montgomery to the north, Bucks to the northeast, Burlington County, New Jersey to the east, Camden County, New Jersey to the southeast, Gloucester County, New Jersey to the south, and Delaware County to the west. Philadelphia is the commercial, educational, and cultural center of the region. It is a major market located along the northeast corridor with nearly 15% of the nation’s population within a 100-mile radius. More than 100 million people and six of the eight largest U.S. markets are within a day’s drive. Philadelphia also has the third-largest downtown residential population in the U.S., behind New York and Chicago, and is the civic, cultural and business center of the Delaware Valley metropolitan area as well as one of the oldest and most historically significant U.S. cities. Philadelphia was the nation’s first capital before Washington, D.C. Center city is the cultural, business and financial center of the Philadelphia region.
The 11 private employers account for 133,200 persons, equivalent to 14% of those employed within the city. Government employers account for over 15% of the workforce. The Delaware Valley Regional Planning Commission’s report entitled, Year 2025, County & Municipal Population & Employment Forecasts highlights Center City accounting for 45.6% of the total number of employment situations within the city and calculates to 12% of the region’s employment opportunities.
Overall, at present, the Philadelphia area has a growing local and regional economy. “The recent economic data have been particularly strong. The job market has expanded, adding 40,000 positions in the past five years; in 2016, Philadelphia outperformed the nation as a whole in job growth for the first time since the Great Recession. The rise in median household income for city residents outpaced the nation as well, up more than 5 percent in a single year. The residential construction boom, while slowing, has life in it yet, and home sale prices have risen 38 percent since 2010.” The population base is sufficient to generate continued demand for housing and support services, particularly in proximity to the Center City area where population, income levels and property values have grown steadily over the past decade. I have not discovered any reason this growth would not continue despite the current national and regional recession. Therefore, the Philadelphia area appears to be a good location for future economic growth keeping in pace with inflation.
According to the latest American Community Survey estimates of 2017, Philadelphia’s population is 1,580,863. The city’s population has declined since its peak in the 1950s but according to the most recent census numbers, “the city managed to actually record a population increase (by 8,456 residents), the first in fifty years, and Philadelphia is now recaptured as the fifth most populous city in the United States from Phoenix”.
Rose Valley Appraisal Associates, LLC is proud to have provided commercial real estate appraisal services to residents of Philadelphia, PA including providing valuations for a multi-family apartment complexes in West Philadelphia and University City, Churches in West Philadelphia and the Bridesburg area industrial properties in the greater northeast, rowhomes in Roxborgh and the Graduate Hospital areas, retail stores in East Oak lane, funeral homes in the Oxford Circle area and market rent studies along South Street to mention but a few.